Atlanta-based multifamily developer 360 Residential acquired 20 acres in Fort Myers for $3.3 million.
The developer plans to build a 224-unit luxury apartment complex on the lot, at the northeast corner of Summerlin and Pine Ridge roads, according to a release. Construction could begin as early as the second quarter of 2017, the release adds.
LandQwest Commercial Founding Principal John Mounce represented the seller, Summerlin Ridge LLC.
“We are pleased to have completed the multifamily portion of this transaction,” says Mounce in the statement. “Southwest Florida is among the most rapidly growing areas in the U.S. That, coupled with a relatively low supply in a market with such high demand, makes this the right time for this project.”
360 Residential has several key markets nationwide where it develops luxury apartment communities, according to is website. The list includes Atlanta, Sothern California, South Florida and New York City.